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Equal to the nominal or face value of a security. A bond selling at par is worth an amount equivalent to its original issue value or its value upon redemption at maturity-typically $1000/bond. See: Discount, premium.


1. Of equal value. The word is often used in relation to pegged currencies; that is, if one currency pegs itself to another at par, it means that the central bank has declared that the currencies are of equal value.

2. The full price of a bond. This is usually, but not always, $1,000 per bond. Coupon payments are calculated as a percentage of par. Likewise, bonds are often traded as a percentage of par. For example, one may buy a bond at 95% of par, meaning that the investor pays $950. It is also called face value.



See par value.
References in periodicals archive ?
17 birdies, 152 pars, 97 bogeys, 17 double bogeys, 1 worse.
22 birdies, 182 pars, 62 bogeys, 13 double bogeys, 5 worse.
3 eagles, 83 birdies, 145 pars, 45 bogeys, 5 double bogeys, 3 worse.
The PARS program consists of seven major projects and requires modification of almost every letter mail processing machine in the USPS fleet.
They also discovered a wind that swirled through the Carolina pines and made greens difficult to find, leaving them with one testy par putt after another.
With the course playing tough, par wasn't a good score, it was a sensational one.
Faldo, who played the hole with a cold-hearted par, led by two.
Hoch still laments a two-foot par putt he missed to let Faldo off the hook on the first hole of their two-hole playoff in 1989.

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